The chief executive officer of Evolve Bank & Trust, which is chartered in West Memphis, has been arrested by federal authorities.
A bank spokesman confirmed that CEO Bob Hartheimer was taken into custody Monday at Evolve’s Memphis headquarters. The FBI Nashville Field Office said it executed both an arrest and search warrant at the location.
Hartheimer, who became CEO in August, has been placed on administrative leave. The FBI said the arrest was not related to his work with the bank, and no additional details about the charges have been released.
Evolve Bank has faced a challenging year, including a data breach and federal regulatory actions tied to its fintech partnerships. The bank operates five branches in Arkansas.
Hartheimer, a former FDIC regulator, was scheduled to appear in court Friday, but that hearing has been moved to Tuesday, according to reports.
The U.S. Attorney’s Office for the Western District of Tennessee has not commented further on the case.
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